While the main thrust of estate planning is to direct the distribution of your assets upon your death, another important consideration of estate planning involves the personal and relational aspect. More commonly, people want to leave some sort of legacy when they die. A recent article discusses how to leave your legacy.
Often, when people avoid the emotional and relational side of estate planning, they can inadvertently cause misunderstandings and ongoing family conflict after their death. Fortunately, it often takes relatively little planning and communication in order to leave your family with a sense of clarity and peace at your death.
Importantly, you must first consider what type of legacy you would like to leave for the future generations of your family. Remember that the word legacy has a broad definition, which may mean money, but can also include intangible aspects of life. Through a legacy, a person can leave behind the essence of who they are. Your legacy may include stories, memories, and values.
After you have determined what your legacy is, determine how you would like to pass it on to your family. Consider dividing possessions that carry family or emotional value between your heirs. Also, communicate your wishes and legacy openly with your loved ones. Explain your wishes to them and allow them the opportunity to ask questions. The more you discuss your stories, memories, and values with your family, the better your legacy will live on.